Terraform Labs CEO announced Terra 2.0 blockchain launch

According to Do Kwon, the network’s members have already received LUNA tokens

28.05.2022 - 07:25

951

2 min

What’s new? Terraform Labs CEO Do Kwon has announced the launch of the Terra 2.0 blockchain. He reported this on Twitter. According to Kwon, members of the network have already received LUNA tokens. As of 10:20 Moscow time, the airdrop had passed in the official Terra Station wallet.

Pheonix-1 mainnet is now live and producing blocks - public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX— Do Kwon 🌕 (@stablekwon) May 28, 2022

What events happened before? Do Kwon made a proposal to restore the Terra ecosystem after the UST stablecoin lost its peg to the dollar and its rate plunged to $0,03. Kwon’s idea was to compensate UST and LUNA holders who were unable or unwilling to sell their assets during the asset collapse in early May this year.

On May 26, in the run-up to the launch of the new Terra blockchain, scammers started sending fake LUNA 2.0 tokens to users. The scammers minted more than 1 million coins (Wrapped LUNA 2.0) and began sending them to holders of the original asset.

The network relaunch was already supported by Binance and Huobi exchanges. Gate.io, Bitrue, Bitfinex, LBank, Upbit, Bybit, KuCoin, OKX, and MEXC also joined. Representatives of the platforms said that they are ready to list the LUNA 2.0 token. Terra noted that dApps such as Prism, Stader, RandomEarth, and OnePlanet are already ready to move to the new network.

For more details about the collapse of Terra, see GetBlock Magazine’s article.

Author: